The Islamic Economy, a Rapid Growth

Experts estimate that the volume of the Islamic economy sector by $ 1,3 trillion, with an average of an annual growth rate estimated at 15%. Nevertheless, they think that these results are modest and not up to the level expected compared with the overall volume of the world economy.
These experts further think that there are more than one obstacle facing the development of the Islamic economic activities, on the forefront of which are transparency, the inadequate infra-structure,
The shortage of the human capital, in addition to the fact that there is no real desire to adopt the international standards .
Some described what this sector is currently witnessing as “the globalization” of the Islamic products as Londaon is marketing itself as a European center for Islamic economy.
In this context, the Executive Chairman at the Authority of the International Financial Center in Dubai, Naser al-Shiali ,has described the complications of the administrative work, problems of transparency, the presence of the human capital, and the non-adaptation of the international standards as constituting the prominent challenges facing this sector , which is the center of a possible attention for about 1,6 billion Muslims.
For his part, Rushdi Sedqi, the International Director of the Islamic “Dow Jones” asks the following question : ” Should we, through the elements of the Islamic economy create parallel systems of the world economy or systems that integrate it ?. He answers by saying : ” I think that at this stage we are creating parallel systems”.

The Real Estate “ Damac” Company Contracts with 60 Indian Real Estate Agents

The real estate “ Damac” company said that it made contracts with 60 Indian real estate agents for promoting its services in India.
Chairman of the Administrative Board of the company said that this step aims at addressing the increasing demand, and based on the company’s interest to spread in different parts in India, through a network of specialized agents.
It is worth mentioning that the list of projects to be promoted in India include the project of “ Ocean Heights “which comprises 82 floors, and located in Dubai Marina, “ Lotus Heights” project at the trade Gulf, “ Park Towers” at Dubai Financial Center, in addition to other modern projects.

The Discussion of the Mechanisms of Electronic Activities at the Arab Academy in Syria

The Syrian Minister of Higher Education, Dr. Ghiath Barakat, discussed with Dr. Ahmed al-Juaili, Secretary General of the Arab Council for Economic Unity mechanisms of work at the Arab Academy for Electronic activities, and the steps taken with regard to its establishment in Syria.
The two sides further tackled the executive procedures which would ultimately help in launching this significant and important project and offering all help and support through making available all the funds required for construction activities.

The Increase of Abu Dhabi Profits for Investment by 47 %

The profits of Abu Dhabi House achieved last year increased by 47%, reaching 220milion Dirham compared to 2006.
Chairman of the Administrative Board of the House, “Jua’n Uwaida al-Khalili” was quoted as saying that the Board has adopted the distribution of cash money by 30% from the capital, adding that the operational revenues reached last year 305 million Dirham, due to the investment of Abu Dhabi for investments in accordance with strategic plans aiming at developing the company’s capabilities and developing new and distinctive new activities.

Baghdad Signs a-5,5- Billion Dollars Contract for Buying 55 Airplanes

The Iraqi government said that it signed a-5,5- contract with the American Boeing for buying 40 trade planes with the choice for buying another 15 planes.
Moreover, Iraq has signed a contract with the same company for buying 40 planes of 737 and 787 models with the choice of buying another 15 planes with a total cost estimated at $ 5,5 billion.

Small Indexes

 Businessmen at the real estate sector have revealed that the number of the Saudi businesswomen who are investing in this sector has increased from 20% to 40%, according to “Abdullah al-Amari”, Head of the Real Estate Committee in Jeddah Chamber of Trade and Commerce.
 The British Financial Times has mentioned that the Britain and the U.S. intend to form a joint Anglo-American financial teamwork for enhancing and developing monitoring the international financial system.

Companies Indexes

 Al-Waleed Bin Zoman, the General Director of the real estate “Century 21 Arise” said that the company completed marketing, and renting Al-Raja tower, owned by the trade Al-Raja’ Establishment for Furniture.
 A spokesman of the giant German company Siemens for Electronic Industries has said that the company allocated funds for partially covering the costs of postponing the building of “ Olkio Two” nuclear generating station.

Exhibitions & Conferences

 Cairo is due to host during the second half of next October the 1st International Conference on the Climate Change, and its impacts of the tourist sector, based on a decision taken by the World Tourism Organization.
 The Directorate of Tourism and Trade Marketing in Dubai has achieved great success in the field of external marketing in the Emirate through its participation for the 15th years consecutively in Moscow International Exhibition for Travel and Tourism “ MITT” which concluded its activities lately in the Russian capital.It is worth mentioning that the exhibition occupies the third position worldwide as the best tourist exhibition in the world.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic, English and Spanish. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English, French, German, and Spanish languages.